UPDATE 3-Canada PM vows to track, possibly limit foreign home buyers

(Adds commentary from Vancouver real estate agents, academic,
context on housing markets)
By Randall Palmer and Julie Gordon
OTTAWA/VANCOUVER, Aug 12 (Reuters) - Canadian Prime Minister
Stephen Harper pledged on Wednesday to track and possibly limit
foreign purchases of Canadian real estate if reelected, but the
move was not expected to cool foreign buying anytime soon.
"There are real concerns that foreign, nonresident real
estate speculation is the reason some Canadian families find
house prices beyond their budgets," Harper said while visiting
suburban Vancouver.
The announcement hones in on fears in Vancouver that foreign
money - mostly from mainland China - is driving rapidly rising
housing prices, fueling calls for government to track
international buyers and impose restrictions. ID:nL1N0ZP01B
If the Conservatives return to power in the Oct. 19 vote,
Harper said his government will start collecting data on
Canadian real estate purchases by nonresident foreigners.
If necessary, he would coordinate with Canada's provinces to
ensure that foreign, nonresident investment "supports the
availability and affordability of homes for Canadians".
He did not provide details of what might trigger such a
step.
But Vancouver real estate agents questioned whether the
measures would have much impact on the city's red hot property
market because recent changes to immigration policy did little
to discourage Chinese interest.
"Tracking is one thing and restricting buyers is another.
Simply tracking won't have any impact," said Andrew Hasman, who
sells on Vancouver's west side, one of the most popular areas
with Chinese buyers.
Hasman added that even if restrictions on non-resident
buyers were introduced, many would find other ways to invest,
such as through relatives and friends already living in Canada.
Indeed, foreign interest in Vancouver has climbed in recent
years, agents say, despite Canada freezing its controversial
millionaire visa plan in 2012, and then scrapping the program
last year.
The Conservatives said they are looking to countries such as
Australia and Britain, that have also grappled with foreign
money distorting their domestic markets, as possible models for
future actions.
Andy Yan, an urban planner with Bing Thom Architects, said
the platform was well thought-out, but noted it should also
consider the impact of newcomers who continue to live off
fortunes earned abroad.
"How much of it is this non-resident foreign buyer versus,
say, a recently naturalized Canadian citizen with lots of global
capital?" he said. "I think you have to back it up and talk
about that."
In another step to deal with affordability, Harper promised
to increase the amount that first-time home buyers can withdraw
tax-free from their registered retirement savings plans to
C$35,000 from C$25,000.
($1=$1.30 Canadian)